Share this article

Two Chicago Magnificent Mile buildings sell for $244m

by Andrea Waitrovich

The $85 billion Swedish pension fund manager Alecta has sold two retail buildings on Michigan Avenue in Chicago for a combined $244 million. The sale was part of the foreign investor’s liquidation plan of its U.S. portfolio.

GGP, formerly known as General Growth Properties, paid $140 million for a four-story building at 605 N. Michigan Ave. Tenants include a Sephora store and the offices of Lucien Lagrange Architects.

Acadia Realty Trust, on behalf of its Acadia Strategic Opportunity Fund IV, acquired a 61,600-square-foot, four-story street-retail property located at 717 N Michigan Ave. for $104 million. This flagship property anchors a prime corner of the Magnificent Mile. The property is 25 percent leased to The Disney Store, which has operated at the property since 1999. Acadia intends to redevelop the balance of the property, which was previously occupied by Saks Fifth Avenue Men’s Store.